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Developers Submit $1B of Proposals for LaSalle Street Redevelopment
Developers proposed more than $1 billion in renovations to classic downtown buildings along and near Chicago’s La Salle Street in response to an offer of public subsidies, the Chicago Sun-Times reported.
The redevelopment plans involve seven buildings in the central Loop, and most would convert space from office to residential use. The proposals responded to Mayor Lori Lightfoot’s call last September for ideas to energize the city’s longtime financial district, with an emphasis on affordable housing.
The most expensive renovation would involve a landmark building at 135 S. La Salle, formerly home of Bank of America. Owner AmTrust Realty joined with Riverside Investment & Development to propose turning its office floors into 430 residences at a cost of $258 million.
Samir Mayekar, deputy mayor for economic development, told the Sun-Times city agencies will “dig into” the proposals to determine their feasibility and how much public subsidy might be justified.
- ◦Development
- ◦Financing
